New product and service acceptance

Suppliers wish to redesign or launch new products or services, but how successful will the products be?  To what extent are these changes likely to impact on the demand for the products?

Market Research

After showing and explaining various product features, market research can measure the likelihood of customers buying the products.  This will allow a supplier to predict his likely success.  Simply asking a customer whether he will buy the product will produce a “yes” or “no” response but when faced with a real life situation the “yes” may become “no” and vice versa; consequently it is important to measure the likelihood of buying on a scale of very likely to very unlikely and reasons.